ELEKTA AB (publ) Interim report for the three months ended July 31, 2001

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1 ELEKTA AB (publ) Interim report for the three months ended July 31, 21 Operating profit was improved by SEK 5 M to SEK 33 M (loss: 17) and the operating margin increased to 6 percent (neg: 4). Strong order bookings, up 15 percent to SEK 73 M (343). Order backlog increased 11 percent during first quarter. Net sales rose 38 percent to SEK 544 M (394). The convertible debenture loan of SEK 233 M was 98-percent converted. Equity/assets ratio strengthened to 52 percent. Full-year earnings for fiscal year 21/2 are expected to show a distinct improvement compared with 2/1. Elekta s strategy is to provide clinically effective and cost-efficient solutions and services for improved management of cancer and brain disorders -- aimed at enhanced quality of life. Market Despite the worldwide economic downturn, the healthcare market continued to invest in clinically effective, cost-efficient and gentle treatment methods for cancer and brain disorders. This benefited Elekta, which offers a sophisticated, high-technology precision radiation-based product range covering both of these treatment areas. The most important markets for Elekta during the first quarter (May-July, 21) were Europe -- particularly the UK and the Netherlands as regards radiation treatment of cancer -- and the US in the area of non-invasive radiosurgery in the brain using Leksell Gamma Knife. Strategic ventures The development of therapies for cancer is focusing increasingly on highprecision radiation treatment. Elekta conducts long-term development efforts aimed at improving treatment methods and results in cancer care. Elekta is a leading innovator of solutions for precise radiation solutions, such as intensity modulated radiotherapy (IMRT). 1

2 As part of these efforts, Elekta entered into a cooperation agreement in July with ADAC, a company within Philips Medical Systems. ADAC contributes with its newly developed dose-planning system, epinnacle, and Elekta with its state-of-the-art radiation treatment system for cancer, Elekta Precise Treatment System. This combination of newly developed, advanced systems makes it possible to perform radiation treatment of cancer using IMRT, resulting in greater treatment efficacy. Elekta has received approval from the FDA in the US to distribute its system for image registration and tumor localization during radiation treatment of cancer, iviewgt, in the US. The system is a key component in the further development of IMRT. In June, Elekta officially inaugurated its majority owned company in China, which creates new and improved opportunities to effectively cultivate and contribute to the rapidly growing Chinese medical-technology market -- one of the world s largest. Order bookings and order backlog Group order bookings showed a highly positive trend during the first quarter. On a rolling 12-month basis, order bookings amounted to SEK 2,763 M, up 48 percent. MSEK 1 Order bookings SEK 73 M (343), May - July 21/2 MSEK Q1 99/Q2 99/Q3 99/Q4 99/Q1 /1Q2 /1Q3 /1Q4 /1Q1 1/2 Per quarter Rolling 12 months Order bookings for the first quarter increased 15 percent to SEK 73 M (343). Neurosurgical products showed an increase of 142 percent, to SEK 223 M (92), while oncology products increased 91 percent to SEK 48 M (251). 2

3 The Group order backlog increased 11 percent and amounted to SEK 2,352 M at July 31, 21, compared with SEK 2,112 M at April 3, 21. Order bookings 3 months 3 months Change 12 months 21/2 2/1 2/1 Europe, Middle East, Africa % 1,13 North and South America % 748 Japan % 266 Asia excl. Japan % 285 Group % 2,42 of which Oncology % 1,566 Neurosurgery % 836 Favorable order bookings in the oncology area in Europe Order bookings in Europe, the Middle East and Africa rose 55 percent to SEK 288 M (186). Upgrades and service displayed a strong trend during the quarter. Substantial investments are being made in cancer care in the UK and the Netherlands. Strong sales of Leksell Gamma Knife in US As a result of strong order bookings, particularly for Leksell Gamma Knife during the first quarter, order bookings in North and South America increased by 112 percent to SEK 252 M (119). Seasonally weak order bookings in Japan Order bookings in Japan were limited mainly for seasonal reasons and amounted to SEK 11 M (13). Favorable demand in Asia A major need for healthcare and demand for more advanced cancer care in the region resulted in strong order bookings for oncology products, mainly in China and Taiwan. Order bookings in Asia increased to SEK 152 M (25). Net sales The Group s net sales rose 38 percent to SEK 544 M (394). Exchange-rate movements -- particularly the weakening of the Swedish krona against the US dollar, the euro and the British pound -- contributed to a 13-percent improvement in net sales. Net sales increased to SEK 184 M (137) for neurosurgical products and to SEK 36 M (257) for oncology products. Net sales of aftermarket products and services increased 19 percent to SEK 165 M (138). 3

4 SEK M 1 Net sales SEK 544 M (394), May - July 21/2 SEK M Q1 99/ Q2 99/ Q3 99/ Q4 99/ Q1 /1 Q2 /1 Q3 /1 Q4 /1 Q1 1/2 Per quarter Rolling 12 months Net sales for rolling 12 months amounted to SEK 2,31 M, an increase of 26 percent. Net sales 3 months 3 months Change 12 months 21/2 2/1 2/1 Europe, Middle East, Africa % 955 North and South America % 77 Japan % 37 Asia excl. Japan % 128 Group % 2,16 of which Oncology % 1,327 Neurosurgery % 833 Result Operating profit improved by SEK 5 M to SEK 33 M (loss: 17). The improvement was mainly due to substantially higher utilization of capacity and favorable product mix during this quarter. The operating margin for the quarter improved to 6 percent (neg: 4). For the rolling 12-month period, the operating margin was 6 percent. 4

5 SEK M 75 Operating result excl. items affecting comparability SEK M Q1 99/Q2 99/Q3 99/Q4 99/Q1 /1Q2 /1Q3 /1Q4 /1Q1 1/ Per quarter Rolling 12 months Investments in research and development amounted to SEK 3 M (25). These investments, which are expensed as incurred, corresponded to 6 percent (6) of net sales. Net financial items amounted to income of SEK 2 M (expense 1), including net interest expenses of SEK 5 M (8), of which the convertible debenture loan accounted for SEK 5 M (6). Earnings from participations in associated companies amounted to SEK 3 M (2), and foreign exchange differences totaled SEK 4 M (5). Profit after net financial items amounted to SEK 35 M (loss: 18). The profit after taxes was SEK 23 M (loss: 1). Earnings per share amounted to SEK.8 (loss:.36). Return on equity amounted to 8 percent and return on capital employed was 14 percent (3). 5

6 Return on capital employed 15% 1% 5% % Q1 /1 Q2 /1 Q3 /1 Q4 /1 Q1 1/2-5% Investments and depreciation Investments in intangible and tangible fixed assets amounted to SEK 9 M (5). Amortization/depreciation of intangible and tangible fixed assets totaled SEK 15 M (15). Liquidity and financial position Cash flow before investments amounted to SEK 53 M (16), as a result of the reported profit. Cash flow after investments and divestments amounted to SEK 46 M (1). The Group's liquid assets amounted to SEK 469 M on July 31, 21, compared with SEK 434 M on April 3, 21. Of the bank balances held, SEK 169 M (SEK 13 M on April 3, 21) is pledged, primarily as guarantees for customer advances received. Convertible debenture loan in a nominal amount of SEK 229 M was converted. The outstanding SEK 4 M is due for repayment by December 31, 21. The conversion resulted in 3,88,25 new Series B shares. The total number of shares is 31,661,867. Other interest-bearing liabilities amounted to SEK 44 M. The equity/assets ratio strengthened to 52 percent following the conversion of convertible debenture loan and the inclusion of deferred tax receivables in the balance sheet. See changed accounting principles page 9. 6

7 Employees The average number of employees in the Group was 874 (778). The number of employees at the close of the period was 888, compared with 854 on April 3, 21. It is estimated that the increase in the number of employees for the full fiscal year will amount to circa 12 persons or 14 percent. The increase is occurring as a result of increased volumes and a focus on selected strategic areas where future profitable growth opportunities are considered to be favorable. Parent Company Parent Company operations comprise Group management, joint Group functions and financial management. The Parent Company s loss before net financial items amounted to SEK 5 M (loss: 6). The average number of employees was 13 (12). Future prospects Despite the prevailing political and economic uncertainty in the world, the assessment remains that net sales and operating profit for fiscal year 21/2 as a whole are expected to be substantially better than in 2/1. Net sales during the second quarter are expected to be on a level with the first quarter. Investments in research and development and the strengthening of the marketing and service organization, particularly in the US and Asia, will continue. Financial information A six-month interim report will be issued on December 12, 21. Stockholm, September 27, 21 ELEKTA AB (publ) Laurent Leksell President For additional information, please contact: Lars Jonsteg, Senior Vice President, Corporate Relations, Elekta AB (publ), tel Further information about Elekta is available at: 7

8 INCOME STATEMENT 3 months 3 months 12 months 12 months May - July May - July Aug - July May - Apr SEK M 21/2 2/1 2/1 2/1 Net sales ,31 2,16 Cost of products sold ,461-1,42 Gross income Selling expenses Administrative expenses R&D expenses Exchange differences in operation Operating result Financial net Income after financial items Taxes Minority Net income Net income per share CASH FLOW Operating cash flow Change in working capital Cash flow before investments Investments and disposals Cash flow after investments and disposals BALANCE SHEET 31 July 31 July 3 April SEK M Intangible fixed assets Tangible fixed assets Financial fixed assets Inventories Other current assets ,86 Liquid assets Total assets 2,252 1,994 2,271 Shareholders' equity 1, Minority 5 8 Provisions Convertible debenture loan Other interest-bearing liabilities Interest-free liabilities ,27 Total shareholders' equity, provisions and liabilities 2,252 1,994 2,271 8

9 CHANGES IN SHAREHOLDERS' EQUITY 31 July 31 July 3 April SEK M Opening balance Changed accounting principles Conversion of debentures 229 Warrants premium 2 Translation differences Net income KEY FIGURES 12 months 12 months 12 months 12 months 2) 3 months 2) 3 months May - Apr May - Apr May - Apr May - Apr May - July May - July 1998/ /2 2/1 2/1 2/1 21/2 Net sales, SEK M 1,787 1,789 2,16 2, Items affecting comparability, SEK M Operating result, SEK M Operating margin -12% -2% 4% 4% -4% 6% Profit margin -14% -4% 3% 3% -5% 6% Shareholders' equity, SEK M Capital employed, SEK M ,178 1,121 1,211 Net debt, SEK M Equity/assets ratio 17% 31% 33% 39% 39% 52% Net debt/equity ratio Return on shareholders' equity 1) -56% -22% 1% 5% 8% Retun on capital employed 1) -17% -3% 12% 1% 3% 14% 1) Based on rolling 12 months. 2) Restated for new accounting principles for taxes. PER SHARE DATA 12 months 12 months 12 months 12 months 2) 3 months 2) 3 months 1998/ /2 2/1 2/1 2/1 21/2 Earnings per share before conversion, SEK Earnings per share after conversion, SEK Shareholders' equity before conversion, SEK Shareholders' equity after conversion, SEK Average number of shares before conversion 14,957 18,263 27,854 27,854 27,854 29,123 after conversion 25,624 27,787 31,662 31,662 31,662 31,662 Number of shares at closing before conversion 14,957 27,854 27,854 27,854 27,854 31,662 after conversion 25,624 31,662 31,662 31,662 31,662 31,662 The dilution in earnings per share of potential common shares from warrants is SEK.2 during the first quarter of fiscal year 21/2, no dilution in earlier periods and equity per share increases. Change in accounting principles 9

10 The Swedish Financial Accounting Standards Council s new recommendation regarding income tax resulted in a change of accounting principles for Elekta. The income statements and balance sheets for preceding year were adjusted in accordance with the new principles. Loss carry-forwards and other temporary differences, totaling SEK 29 M at April 3, 21, were reported as a deferred tax receivable, resulting in a corresponding increase in shareholders equity. With this exception the same accounting principles have been applied as in Elekta s latest annual report. This interim report has been prepared in accordance with the Swedish Financial Accounting Standards Council s recommendation RR 2, Interim reports. The Company s auditors have not reviewed this interim report. 1

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